REG - Assoc.British Foods - Share Repurchase Programme

Associated British FoodsAnnouncement

09/11/2023 07:00

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RNS Number : 8597S  Associated British Foods PLC  09 November 2023

9 November 2023

 

Associated British Foods plc

 

Associated British Foods plc share repurchase programme

 

Further to its announcement on 7 November 2023, Associated British Foods plc
(the "Company") announces that it is to commence the first tranche of its up
to £500 million share buyback programme (the "Programme").

 

The first tranche will be in the sum of up to £250 million with trading
expected to commence on 14 November 2023 and is anticipated to end on or
before 30 April 2024 (the "Engagement Period").

 

To execute the first tranche of the Programme, the Company has entered into a
non-discretionary arrangement with UBS AG London Branch ("UBS") to buy back up
to £250 million of its ordinary shares (the "Engagement").

 

Under this arrangement, UBS will act as riskless principal and will make
decisions independently from the Company under the Engagement. UBS will carry
out the arrangement through the acquisition of ordinary shares in the Company
for subsequent repurchase by the Company. Purchases may continue during any
closed period to which the Company is subject during the Engagement Period.

 

The sole purpose of the share buyback is to reduce the capital of the Company.
All ordinary shares repurchased as part of this arrangement will be cancelled.

 

Share purchases will take place in open market transactions and be carried out
on the London Stock Exchange, BATS, Chi-X and Aquis exchanges and may be made
from time to time depending on market conditions, share price, trading volume
and other factors.

 

Any purchases of ordinary shares by the Company in relation to this
announcement will be effected within certain pre-set parameters and in
accordance with (and subject to the limits prescribed by) the Company's
general authority to repurchase ordinary shares granted by its shareholders
from time to time (at the Company's AGM on 9 December 2022, shareholders gave
the Company authority to purchase a maximum of 79,167,418 ordinary shares of
which 52,689,203 remains available), the Market Abuse Regulation 596/2014 (as
it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018)
and Chapter 12 of the Financial Conduct Authority's Listing Rules.

 

The Company intends to enter into arrangements to commence a second tranche of
the Programme in the sum of £250 million in due course.

 

Further enquiries:

Associated British Foods:

Tel: 020 7399 6545

Eoin Tonge, Finance Director

Chris Barrie, Corporate Affairs Director

Citigate Dewe Rogerson:

Tel: 020 7638 9571

 Jos Bieneman    Tel: 07834 336 650
 Angharad Couch  Tel: 07507 643 004

 

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